Försäkring - Ernst & Young - Sverige

Our Winter 2011/12 edition predicts that despite political progress in the form of unlimited three-year loans being offered by the ECB, the near-term outlook has worsened and the forecast is now for the Eurozone to suffer negative growth in Q4 2011 and fall back into recession in Q1 2012.

European life and non-life insurers are faced with important strategic decisions. While volatility and deterioration in macroeconomic factors disrupt balance sheets, unfolding regulatory initiatives will continue to influence the industry. All the while consumer needs and expectations are changing. Discover how to counter today’s challenges with strategic solutions.

Insurers face additional challenges around data, systems changes and the need to upgrade and speed up reporting processes to meet the requirements of Pillar III. Are you prepared? Inside, we identify the key issues, an implementation framework and critical success factors for addressing IFRS 4 Phase II alongside Solvency II.

Streamlined IT systems and effective data management are core components of Solvency II implementation. But with IFRS 4 Phase II as another regulatory initiative, data and system solutions will also need to factor in proposed international financial reporting standards. We offer guidance. 

Solvency II’s implementation deadline is January 2013. By that time, insurers will have to make significant changes to their finance systems, restate their balance sheets and prepare for greater public disclosure of financial statements, modeling and capital calculations. Will you be ready?

Similarities between IFRS 4 Phase II and Solvency II are creating potential implementation synergies. However, Phase II introduces requirements which go beyond the scope of Solvency II, meaning insurers should take a more strategic view and build in flexibility to reduce investment in the future.

In our monthly Insurance Accounting Alerts, we help executives stay up-to-date on the activities of the IASB and the FASB as they work to develop a new insurance accounting standard. Find out how the ongoing changes will affect you over the short and long-term.

As the IASB and the FASB work towards developing a single globally accepted accounting standard for insurers, consistent understanding, interpretation and application becomes even more important. Tap into the breadth of our knowledge and learn about the specific rules affecting the insurance industry.